A Singapore-based fintech company Atlantis on August 31, 2020, stated that it has entered the Indian market with the launch of a digital bank which is Neo-Bank. The concept of neo-bank is new to Indians but it is the current trend. Observing the US Dollar 15.7 billion international millennial banking industry, The Atlantis, a Singapore headquartered fintech company has declared their launch of Neo-Bank for Generation Z and millennials, stated the company in a release.
The concept of Neo-banking is an online system where there are no mortar and bricks branches of a bank and customers can avail all the services digitally. The probability of financial value to increase for the millennials towards the banking system is high by almost 80 per cent in the upcoming 5 years to more than US Dollars 27 billion from the current status of US Dollars 15.7 billion in revenue which is solely contributed by millennials.
The company have a strong belief that customer-first intelligent technology and design will improve the future of neo-banking, it said in a statement. Neo-bank holds a vital position in playing a leading role in driving the conversion to self-driven finance by giving its customers with speedy, smart and easy to handle platform with the key focus on India and South-East Asia, Atlantis stated.
The huge population in India seems to be a boon for the financial inclusion and the company believes that market adoption for their neo-banking platform can be massive in our country, given 10 million-plus youth employed in metros and tier-1 cities throughout the country. Vineet Jain, The Chief Operating Officer India, Neo-Bank stated that, as the technology ecosystem is emerging in a strong and speedy manner, consumers are looking for a platform which is more than a physical place where they can park their savings. Neo-Bank clearly understands the relationship with money and will help them manage their money without any trouble.
The bank is trying to sign up not more than 3,000 consumers in the initial three months as it plans to create a customized experience for each of its users. Currently, it accepts a new user either through a waiting list or through an invite from an existing member of the bank. Already more than 5,000 customers are on the waiting list, it claimed. Atlantis will also be launching a transaction banking and lifestyle business for teenagers very soon, it added further.